The Real Deal Miami

Office complex in Miami-Dade sells for $11 million

Google Maps view of Westchester buildings sold by AdrianBuilders of Coral Way.

Two companies affiliated with I.M.C. Property Management paid $11 million for an office complex in Miami-Dade County’s Westchester area.

The four office buildings, located at 2760 Southwest 97th Avenue, were developed in 2001 by Alvaro Adrian’s Miami-based AdrianBuilders of Coral Way. The buildings occupy 60,278-square feet of space on a 4.5-acre lot. AdrianBuilders sold a 72 percent stake to Yoram Izhak’s MYA Properties and a 28 percent stake to Alan Lipton’s Coral Way 24 LLC, according to the South Florida Business Journal. Izhak and Lipton are both executives at North Miami-based I.M.C.

The two companies paid $182 per square foot for the complex, which is now 85 percent occupied. “We have already rented a couple of units and expect it to reach 100 percent [occupancy] very soon,” said Carlos Segrera, IMC’s acquisitions director. [South Florida Business Journal] – Chris Guanche